TSP January Processing Schedule

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By on January 6, 2015 in Current Events with 0 Comments

The Thrift Savings Plan has released the following information for plan participants about the processing schedule in January:

January Processing Schedule

  • Withdrawals processed December 29, 30, and 31, 2014 – Withdrawals processed the last three business days of December 2014 are considered taxable income for 2015, not 2014.  The TSP will report them to you and to the Internal Revenue Service (IRS) on IRS Form 1099-R by January 31, 2016.
  • January 19 – The financial markets will be closed on Monday, January 19, in observance of the Martin Luther King, Jr. holiday. The Thrift Savings Plan will also be closed. Transactions that would have been processed Monday night (January 19) will be processed Tuesday night (January 20) at Tuesday’s closing share prices.
  • IRS Forms 1099-R – IRS Forms 1099-R, Distribution from Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc., will be posted in My Account and mailed by January 31 to participants who received a withdrawal up to December 26, 2014, and/or a taxable distribution of a loan up to December 31, 2014. (Taxable distributions declared on December 29, 30, and 31 are taxable income for 2014.)

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Ian Smith is one of the co-founders of FedSmith.com. He enjoys writing about current topics that affect the federal workforce.